The end of year jockeying continues. What will it bring? Are we in a long consolidation and we pop up higher during low volume holiday mode as we did last year? I am just about convinved thats whats going to happen. Yet that is what bothers me.
The leading diagonal is still in play for all indexes but the market is stretching that count to the limit. It needs to collapse hard down early next week for that count to follow through. The DOW came within .08 of closing out on a new high this year.
I would actually welcome a bullish break upwards. It would help finish out a lot of chart patterns I have been charting very nicely. It would be interesting if the DOW achieved a new intraday high Monday and the other indexes did not.
The VIX chart is again at support. Its either tracing an ending diagonal pattern as I have imagined or an ABC down with a contracting triangle in the middle...or of course the low is in but that is not the preferred count. So actually the VIX chart supports a bullish week in equities. So as you can see, there is no clear answers as it should be I suppose.
Head and Shoulders on just about everything as long as we get a down move early next week to complete the right shoulder. I suppose everyone sees that pattern too.